This is not investment advice. The information provided is for educational and informational purposes only and does not constitute a recommendation to buy or sell any financial product.
MetaTrader is a feature-rich retail platform, and the platform is offered by most CFD and forex brokers worldwide. The platform comes in two main versions, MT4 and MT5, and both versions include a long list of features for stock trading. The features are not always visible at first glance, and the trader who learns the features can use the platform more efficiently.
What MetaTrader offers
MetaTrader is a feature-rich retail platform, and the platform is offered by most CFD and forex brokers worldwide. The platform comes in two main versions, MT4 and MT5, and both versions include a long list of features for stock trading. The features are not always visible at first glance, and the trader who learns the features can use the platform more efficiently.
The most useful features for stock trading are the one-click trading, the alerts, the depth of market, the economic calendar, the strategy tester, the chart templates, the multi-chart layout, and the trade management tools. Each feature solves a specific problem, and the trader can pick the features that match the trading style.
One-click trading
One-click trading lets the trader place a market order from the chart without going through the order entry dialog. The trader assigns a lot size to the chart, and the trader clicks buy or sell to place the order. The order is filled at the current market price, and the order is shown in the trade tab.
The feature is useful for scalpers and day traders who want to react to fast-moving markets. The trade-off is the risk of a misclick, and the trader should use the feature with a small lot size until the trader is comfortable with the behaviour.
Alerts
Alerts notify the trader when a price condition is met. The trader sets the condition on the chart or in the indicator, and the platform plays a sound, sends an email, or sends a push notification to the mobile app when the condition is met. The alert stays active until the trader removes it.
The feature is useful for traders who cannot watch the screen all day. The trader sets an alert at the entry level, and the trader is notified when the price reaches the level. The trader can also set an alert at the stop-loss level to be reminded to adjust the stop.
Depth of market
The depth of market (DOM) shows the buy and sell orders at each price level near the current market price. The DOM is useful for traders who want to see the liquidity at each level, and the DOM is useful for traders who use order flow as a signal.
The feature is available on MT5, and the feature is limited on MT4. The trader should check the broker's offering before relying on the DOM, because the depth of the order book depends on the broker's connection to the liquidity provider.
Economic calendar
The economic calendar shows the upcoming economic releases, the consensus forecast, and the previous value. The calendar is built into MetaTrader, and the calendar is updated automatically. The trader can filter the events by country, by importance, and by category.
The feature is useful for traders who hold positions over news events. The trader checks the calendar before the trading day, and the trader plans the trades around the high-impact events. The trader can also set an alert for a specific event.
Strategy tester
The strategy tester is the backtesting engine, and the tester is useful for traders who want to validate an Expert Advisor or an indicator. The tester runs the EA on historical data, and the tester produces a report with the trades, the drawdown, the profit factor, and other statistics.
The feature is available on both MT4 and MT5, and the feature supports multiple symbols, multiple time frames, and multiple optimization modes. The trader should use the feature to validate the EA before going live, and the trader should not trust a backtest without a live track record.
Chart templates and multi-chart layout
Chart templates save the chart setup, including the indicators, the colours, the time frame, and the drawing tools. The trader creates a template once, and the trader applies the template to any new chart. The template saves time, and the template keeps the charts consistent.
The multi-chart layout lets the trader see multiple charts at the same time. The trader can monitor a stock index, a forex pair, and a commodity in the same window, and the trader can switch between layouts with a click. The feature is useful for traders who follow multiple markets.
Trade management tools
The trade management tools include the trailing stop, the partial close, the breakeven stop, and the OCO order. The tools help the trader manage the open positions, and the tools reduce the need to watch the screen.
The trader should learn the trade management tools before going live, and the trader should use the tools to enforce the trading plan. The tools are not a substitute for discipline, but the tools make the discipline easier to follow.
Common questions about MetaTrader features
Are all features free? Yes, the features are part of the platform, and the broker does not charge extra. The trader may pay a data fee for some real-time data, and the trader may pay a commission for some EAs, but the platform features are free.
Can I use the features on mobile? Most features are available on the mobile app, but some features are limited. The strategy tester, for example, is not available on mobile, and the multi-chart layout is simpler on mobile. The trader should use the desktop platform for the advanced features.
Can I add custom features? Yes, through the MQL4 or MQL5 language. The trader can write a custom indicator, a custom EA, or a custom script. The custom code is saved in the MQL folder, and the custom code is loaded by the platform.
Related resources
Where to start
If you are evaluating MetaTrader features, the most useful first step is to choose the three or four features that match your trading style, and to spend a week using the features on a demo account. Our broker comparison lists the MetaTrader brokers and the available features, which together tell you what the platform looks like before you go live.